The announcement comes one day after London-based fintech firm Equichain signed a partnership agreement with ADX to join its working community, which aims to bring efficiencies to capital markets.

According to Equichain, the goal of the initiative is to “seamlessly connect the two ends of the institutional investment spectrum” using blockchain, eliminating intermediating lawyers and allowing incumbents to “redefine and expand their product scope.”

“The open exchange with Equichain and members of the working group will allow us to identify and test new applications of blockchain technology, aiming to enhance the speed and security of capital market transactions to the benefit of our investors and stakeholders,” said ADX CEO Rasheed Al Blooshi.

ADX is the first stock market in the MENA region and only the third globally to adopt blockchain in its service, having utilised the technology in e-voting services for annual general meetings of its listed companies.

ADX is one of four financial market infrastructures from the MENA region to join the working community.